Credit Agricole Settlement Is A Warning To Foreign Cos.
Law360, New York (November 2, 2015, 11:47 AM EST) -- Last week, the U.S. Department of the Treasury published the first settlement agreement between its Office of Foreign Assets Control and a large financial institution since the historic "nuclear deal" with Iran that was meant to curb the Iran sanctions. The settlement with French-based Credit Agricole Corporate and Investment Bank, the corporate and investment banking arm of Credit Agricole SA, is part of a global settlement among OFAC, Credit Agricole and various federal and New York agencies. Notably, the largest portion of the fine was not imposed by OFAC but by the New York State Department of Financial Services. Moreover, OFAC agreed not to collect its portion in light of the $787.3 million penalties imposed by the other agencies....
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